Hong Kong plans to raise China and India flights| Hong Kong: China's central authorities and Hong Kong agreed to let their airlines increase capacity on some routes between the mainland and the city as soon as March to meet growing travel demand. |...

Constitution process in HK boostedChina Daily(China Daily) | Updated: 2007-12-31 08:30 | HONG KONG: People from all sectors of Hong Kong society have supported the National People's Congress (NPC) Standing Committee decision on the constitutional development of the special a...

Beijing leaves nothing to chanceThe Australian| THIS could be the eve of a glorious new year in China's amazing march towards prosperity - or a year in which institutional anxiety subdues those bright prospects: a year of living nervously. | The Olympic Games in Beijing in Au...

Hong Kong plans to raise China and India flightsGulf News| Hong Kong: China's central authorities and Hong Kong agreed to let their airlines increase capacity on some routes between the mainland and the city as soon as March to meet growing travel demand. | Hong Kong and India also agre...

Calpers calls on HSBC to present plans for changeHong Kong StandardHSBC Holdings (0005) is under pressure from one of its shareholders, American pension fund Calpers, to restructure its management team. | //--> BonnieChenandagencies | Monday, December 31, 2007 | HSBC Holdings (0005) is under pres...

Happy but freezing New YearHong Kong StandardRevelers should bring out their winter woollies and heavy windbreakers if they want to keep warm when counting down to 2008 tonight the weatherman has predicted a severe drop in temperatures. | //--> Nishika Patel | Monday, Decemb...

Half a million sets likely to be dumped in HD-TV frenzyHong Kong StandardNearly half a million television sets are set to be junked after the launch of digital television tonight. | //--> Patsy Moy | Monday, December 31, 2007 | Nearly half a million television sets are set to be junked after the launch...

Harbour Fest, Disneyland top waste surveyHong Kong StandardThe Harbour Fest fiasco in 2003 was the most wasteful use of government funds for the 10 years since the handover, a survey has found. | //--> DamonPang | Monday, December 31, 2007 | The Harbour Fest fiasco in 2003 was the most wa...

Beijing quashes HK vote hopesThe Australian| HONG Kong must wait for another decade for the opportunity to elect its own chief executive and it will be 2020 before it can have a fully elected legislature, China ruled at the weekend. | The rulings, announced by the standing...

Fury in Hong Kong as China stalls electionsSydney Morning Herald| HONG KONG must wait another 10 years to directly elect its own leader, the Communist Party in Beijing has ruled, drawing protests from hundreds in the former British colony who said they were being cheated of the right to vote. ...

Full democracy for Hong Kong questionedInternational Herald Tribune| : The goal of full democracy for Hong Kong is far from guaranteed, despite a pledge by China to permit voters here to directly elect their chief executive and legislature beginning in 2017, democratic politicians and analysts sa...

Occupied by the UK in 1841, Hong Kong was formally ceded by China the following year; various adjacent lands were added later in the 19th century. Pursuant to an agreement signed by China and the UK on 19 December 1984, Hong Kong became the Hong Kong Special Administrative Region (SAR) of China on 1 July 1997. In this agreement, China has promised that, under its "one country, two systems" formula, China's socialist economic system will not be imposed on Hong Kong and that Hong Kong will enjoy a high degree of autonomy in all matters except foreign and defense affairs for the next 50 years.

Economy - overview:

Hong Kong has a free market, entrepot economy, highly dependent on international trade. Natural resources are limited, and food and raw materials must be imported. Gross imports and exports (i.e., including reexports to and from third countries) each exceed GDP in dollar value. Even before Hong Kong reverted to Chinese administration on 1 July 1997, it had extensive trade and investment ties with China. Hong Kong has been further integrating its economy with China because China's growing openness to the world economy has made manufacturing in China much more cost effective. Hong Kong's reexport business to and from China is a major driver of growth. Per capita GDP is comparable to that of the four big economies of Western Europe. GDP growth averaged a strong 5% from 1989 to 2005, but Hong Kong suffered two recessions in the past eight years because of the Asian financial crisis in 1997-1998 and the global downturn in 2001-2002. Although the Severe Acute Respiratory Syndrome (SARS) outbreak in 2003 also battered Hong Kong's economy, a solid rise in exports, a boom in tourism from the mainland because of China's easing of travel restrictions, and a return of consumer confidence resulted in the resumption of strong growth from late 2003 through 2005.